RBinary adds to Warning List

British financial regulator (FCA), announced today that it has added RBinary to its warning list. The FCA believes the firm is operating in the UK without having approval to do so.

RBinary joins a host of firms added to the UK regulator’s warning list in recent weeks. The British regulator has been in rapid-fire mode in the past month, adding five firms in one day last week.

This reporter is already familiar with RBinary, the Marshall Islands-registered binary options dealer. The firm shares a UK address with another unscrupulous financial services provider, the CFD broker SolidCFD. It doesn’t appear that there is any connection between the two firms but it is doubtful either company has a genuine physical presence in the UK.

Mysterious ownership

RBinary’s billing services are run by a company called HSCOM Ltd. The company is also based in the UK but it is unclear, from Companies House documents, who actually operates it. Someone named Daniel O’Donoghue is supposedly director but the same person is director of over fifty companies, making it difficult to determine how involved with the company they actually are.

The founder of HSCOM is a Hungarian-Israeli, Harel Avraham Graf. Graf appears to now be CEO of a company called Graphtrader but, other than guessing based on its name, it is unclear as to what that company does.

Given its dodgy set up and the FCA warning, it’s unsurprising that nearly all of the reviews pertaining to RBinary are awful. This author was unable to find a single piece of positive feedback, with all reviewe describing the pushy salesmen, missing cash and lost savings.

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HIGH RISK INVESTMENT WARNING:

Binary Options and Forex/CFD carry a high level of risk to your capital due to the volatility in the underlying market. These products may not be suitable for all investors. Therefore, you should ensure that you understand the risks and seek advice from an independent and suitably licensed financial advisor.